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<br />01 1J l::lC- <br /> <br />l.~::c <br /> <br />~,":'r1f'1 =::<= ......,= er1 <br /> <br />=:1::'" _' <br /> <br />~ ~ ~ 2 ~ !:! ! ! 2 N NO. 8 <br /> <br />WHEREAS, the City Council (the wGoverning Body") of the <br />City of Louisville, Colorado (the wCity"), has determined and <br />hereby determines and declares that the interest of the City and <br />the public interest and necessity require that certain <br />improvements be acquired and constructed for the City and its <br />inhabitants; and <br /> <br />WHEREAS, the Governing Body has determined that it is <br />necessary to make expenditures to acquire and construct such <br />improvements prior to the time that long-term bonds are issued to <br />finance the improvements; and <br /> <br />WHEREAS, when such long-term bonds are issued, it is the <br />Governing Body's desire that such expenditures shall be reimbursed <br />with the proceeds of such long-term bonds; and <br /> <br />WHEREAS, in order to comply with the provisions of the <br />Internal Revenue Code of 1986, as amended (the "Code"), it is the <br />Governing Body's desire that this resolution shall constitute the <br />"official intentW of the city to reimburse such expenditures <br />within the meaning of Proposed Regulation Sl.103-17i <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF LOUISVILLE, COLORADO: <br /> <br />Section 1. General Description of Property to Which <br />Reimbursement Relates. The Governing Body intends to make <br />expenditures which will later be reimbursed with the proceeds of <br />long-term bonds to finance the acquisition and construction of a <br />$7,500,000 water treatment plant (the "projectW). The Project has <br />a reasonably expected economic life of at least one year. <br /> <br />section 2. Source of Funds to Pay Expenditures. The <br />Governing Body reasonably expects that it will use moneys <br />contained in the City's Water Fund to pay for the expenditures it <br />intends to make to acquire and construct the Project. <br /> <br />Section 3. Intention to Reimbursei Description of <br />Reimbursement Bonds. The Governing Body hereby dec res its <br />official intent within the meaning of Proposed Regu ion Sl.103- <br />17 that the city intends to reimburse the expe itures made to <br />acquire and construct the proj ect by incurr ing taxable debt or <br />debt the interest on which is excludable from gross income under <br />Section 103 of the Code (the "BondS"). <br /> <br />The Governing Body reasonably expects that the source of funds to <br />be used to pay debt service on the Bonds will be project revenues. <br /> <br />- 1 - <br />